https://www.taxtmi.com/caselaws?id=195097 The High Court upheld the ITAT's decision to overturn the penalty imposed on the assessee under Section 271(1)(c) of the Income Tax Act, 1961. The court found that the revision of taxable income by the assessee was made in good faith upon discovering an error in the initial return, without any intent to conceal income. The court emphasized that the assessee's actions did not amount to furnishing inaccurate particulars to evade tax liabilities. Consequently, the court dismissed the revenue's appeal, as no substantial question of law arose due to the minimal tax effect involved. en-us Tue, 18 Oct 2016 00:00:00 +0530 Sat, 14 Oct 2017 07:54:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195097 The High Court upheld the ITAT's decision to overturn the penalty imposed on the assessee under Section 271(1)(c) of the Income Tax Act, 1961. The court found that the revision of taxable income by the assessee was made in good faith upon discovering an error in the initial return, without any intent to conceal income. The court emphasized that the assessee's actions did not amount to furnishing inaccurate particulars to evade tax liabilities. Consequently, the court dismissed the revenue's appeal, as no substantial question of law arose due to the minimal tax effect involved. Case-Laws Income Tax Tue, 18 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195097